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2024 (3) TMI 429 - ITAT JODHPURAddition on account of jewellery found in Bank Locker u/s 69A r.w.s 115BBE - appellant was not owner of the jewellery so found - HELD THAT:- The bench noted at the time of opening of bank locker 141.10 gms of jewellery was found during search jewellery of 700 gms estimated to be lying at the residence of the assessee. While search action at the residence of the assessee, no jewellery was found at his residence. Fact of existence of any such jewellery came on record only through statement recorded at the time of operation of the bank locker this indicate that assessee was forced to admit some jewellery and even after such admission no attempt was made to physically examine any such jewellery at the residence of the assessee. We also find that father of assessee’s wife Shri Hukmi Chand Jain has not claimed any credit in relation to his daughter [i.e. assessee’s wife] in his assessment. Therefore, jewellery if any of assessee’s daughter lying at his mother’s residence has already been considered in the hands of his father. Though assessee had declared about 500 gms of jewellery in wealth tax return of HUF, no credit for the same is has been granted. Further, against the total assessed quantity of 841.10 gms, assessee is entitled for credit of 950 gms as per Board’s Circular [500 gm for assessee’ wife, his daughter 250 gm and assessee’s son 100 gms and 100 gms for assessee]. As against the eligible 950 gms the total found quantity is 841.10 gms therefore, no addition is required to be made in the hands of the assessee considering the CBDT guideline and therefore, we direct the to delete the addition of Rs. 3,86,552/-. Based on this observation the ground no. 1 raised by the assessee is allowed.
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